http://www.dailygazette.com

Quoted Text

Donations to wealthy groups not real charity
BY ROBERT B. REICH Los Angeles Times
Robert B. Reich, author of “Supercapitalism: The Transformation of Business, Democracy, and Everyday Life,” was secretary of Labor under President Clinton.

   This year’s charitable donations are expected to total more than $200 billion, a record. But a big portion of this impressive sum — especially from the wealthy, who have the most to donate — is going to culture palaces: operas, art museums, symphonies and theaters where the wealthy spend much of their leisure time.
   It’s also being donated to the universities they attended and expect their children to attend, perhaps with the added inducement of knowing that these schools often practice a kind of affirmative action for “legacies.”
   I’m all in favor of supporting the arts and our universities, but let’s face it: These aren’t really charitable contributions. They’re often investments in the lifestyles the wealthy already enjoy and want their children to have too. They’re also investments in prestige — especially if they result in the family name being engraved on the new wing of an art museum or symphony hall.
TAX DEDUCTIONS
   It’s their business how they donate their money, of course. But not entirely. Charitable donations to just about any not-for-profit organization are deductible from income taxes.
   This year, for instance, the U.S. Treasury will be receiving about $40 billion less than it would if the tax code didn’t allow for charitable deductions. (That’s about the same amount the government now spends on Temporary Assistance for Needy Families, which is what remains of welfare.) Like all tax deductions, this gap has to be filled by other tax revenues or by spending cuts, or else it just adds to the deficit.
   I see why a contribution to, say, the Salvation Army should be eligible for a charitable deduction. It helps the poor. But why, exactly, should a contribution to the already extraordinarily wealthy Guggenheim Museum or to Harvard University (which already has an endowment of more than $30 billion)?
   A while ago, New York’s Lincoln Center had a gala supported by the charitable contributions of hedgefund industry leaders, some of whom take home $1 billion a year. I might be missing something, but this doesn’t strike me as charity. Poor New Yorkers rarely attend concerts at Lincoln Center.
SUGGESTED SOLUTION
   It turns out that only an estimated 10 percent of all charitable deductions are directed at the poor. So here’s a modest proposal. At a time when the number of needy continues to rise, when government doesn’t have the money to do what’s necessary for them and when America’s very rich are richer than ever, we should revise the tax code: Focus the charitable deduction on real charities.
   If the donation goes to an institution or agency set up to help the poor, the donor gets a full deduction.
   If the donation goes somewhere else — to an art palace, a university, a symphony or any other nonprofi t — the donor gets to deduct only half of the contribution.

Quoted Text

I’m all in favor of supporting the arts and our universities, but let’s face it: These aren’t really charitable contributions. They’re often investments in the lifestyles the wealthy already enjoy and want their children to have too. They’re also investments in prestige — especially if they result in the family name being engraved on the new wing of an art museum or symphony hall.

Joe Bruno Stadium????

I don't really care how much money someone has or how they spend it or what charity they contribute to. Everyone seems to look at wealthy people as the Golden Cafe. Being as obsurd as it may sound some actually feel they have some entitlements coming from the wealthy. That is just plain Bullsh**! It's their money that they have worked for and is THEIR choice who, what and how they choose to spend it.

And that is how some people look at the government. It clearly is rich enough and everyone is looking for handouts from them. Including other countries. I guess people just instinctively believe in entitlements. Sad!

HHHHmmmm---Joe Bruno stadium------walmart fence.......

Quoted from senders

HHHHmmmm---Joe Bruno stadium------walmart fence.......

Explain please! What does Bruno have to do with Walmart?

Mr.Bruno and his business ventures are still mixed with his position as a politician,,,,Mr.Bush and his business ventures are mixed with his position as a politician too...

Mr. Bruno has a stadium named after him....
Mr. Bush has a stadium named after him(little league).....
Mr. Clinton has a library named after him.....

Mrs(Ms.) Clinton will probably have a 'village' named after her......(this is to make a point of her book)

Are they philanthropists????

Quoted Text

family name being engraved on the new wing of an art museum or symphony hall.

there is very little room to space these things far apart from the politiking and tax loopholes these legislators make for themselves and their friends....

I am not saying they cannot do this....but, it is up to us to hear and see,,,not just look and listen......

Mr. Amedore did do a home makeover....and here we are today......

As for the walmart fence---walmart is one of the biggest retail capitalist story, that 'donates'(loopholes) all over the place and yet they cannot perform to put up a proper fence.....who is supposed to make them perform???....our elected officials.....